BEML signs strategic MoU with SMFCL for manufacturing of maritime ecosystem

New Delhi: State-run BEML Limited has announced to the exchanges that it has signed a strategic MoU with Sagarmala Finance Corporation Limited (SMFCL) to unlock dedicated financial support for India’s domestic maritime manufacturing ecosystem.

Under this strategic collaboration, SMFCL will extend financing support to BEML through the Maritime Development Fund and other NBFC instruments, enabling accelerated development of domestically manufactured marine equipment and auxiliaries for shipbuilding, ports, and allied maritime infrastructure. Recognising the capital-intensive and globally competitive nature of the maritime sector, the partnership outlines a significant planned investment of Rs 10,000 crore for establishing both brownfield and greenfield manufacturing facilities across India.

This alliance aims to build world-class indigenous capabilities, reduce import dependence, and catalyse the modernisation of India’s maritime infrastructure—supporting a critical national priority at a pivotal moment of sectoral transformation.

Further, in a separate filing, the public sector company has announced that HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries have signed a tripartite MoU with BEML Ltd to jointly design, develop, manufacture, and support next-generation conventional & autonomous maritime and port cranes in India, complemented by full after-sales, spares, and training support.

However, the shares of the PSU have fallen by 3.25 percent at Rs 1,708.00 at BSE, despite signing two significant agreements.